Evoke Pharma, Inc. (NASDAQ:EVOK)
Shares of Evoke Pharma, Inc. (NASDAQ: EVOK) exploded this morning on news that the U.S. Food and Drug Administration Evoke’s Gimoti is exempt from a human factors validation study requirement prior to submission of its New Drug Application. Gimoti is Evoke’s lead product candidate. It is a nasal delivery formulation of metoclopramide for the relief of symptoms associated with acute and recurrent diabetic gastroparesis in adult women.
EVOK shares ended Tuesday at $2.61, gapped up to open this morning at $4.00 on the news, and reached a high of $4.55 before retreating below the $4 handle. Volumes have been very heavy – 26 times normal. Of note may be the number of shares held short. Over 15% of the float is held as a short position. Also of note should be the 52-week trading range of Evoke Pharma, Inc. (NASDAQ: EVOK). EVOK is trading 67% below the 52-week high of $11.11, and 168% above the low of $1.35.
Solana Beach, CA-based Evoke Pharma, Inc. (NASDAQ: EVOK) is a specialty pharmaceutical company focused primarily on the development of drugs to treat gastrointestinal (GI) diseases. Evoke was established by experienced specialty pharmaceutical executives with a successful track record of acquiring, developing, registering, and marketing pharmaceutical products in the US.
Evoke Pharma, Inc. (NASDAQ: EVOK) has no reported sale. Since 2011 there have been annual EPS losses of $2.18, $1.80, $1.20, $2.20, and $1.87 (2015). Two firms, Rodman&Renshaw and Laidlaw, that follow Evoke Pharma, Inc. (NASDAQ: EVOK) upgraded their ratings on EVOK shares this year. Five firms follow Evoke Pharma, Inc. (NASDAQ: EVOK) – two analysts rate EVOK shares as a Strong Buy” while one each rate the shares as a “Buy”, “Hold”, and “Sell”.
I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 96 hours. All information, or data, is provided with no guarantees of accuracy.
|Last Price a/o 1:44 PM EST||$ 3.58|
|Market Cap (mlns)||$ 30.93|
|Shares Outstanding (mlns)||11.85|
|Share Float (mlns)||9.5|
|Short Interest Ratio||1.42|